New York, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Big Data as a Service (BDaaS) Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Component [Solution (Hadoop as a Service, Data Analytics as a Services, and Others) and Services], Deployment (Public Cloud and Private Cloud), Enterprise Size (Small and Medium Enterprises and Large Enterprises), Industry (BFSI, IT & Telecom, Healthcare, Manufacturing, Media & Entertainment, and Others), and Geography”; The big data as a service market size is expected to grow from USD 18.49 billion in 2021 to reach USD 124.02 billion by 2028; it is estimated to grow at a CAGR of 31.5% from 2022 to 2028.
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Global Big Data as a Service (BDaaS) Market – Report Scope:
| Market Size Value in | USD 18.49 billion in 2021 |
| Market Size Value by | USD 124.02 billion by 2028 |
| Growth rate | CAGR of 31.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Component, Deployment, Enterprise Size, Industry, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Big Data as a Service (BDaaS) Market: Competitive Landscape and Key Developments
Amazon Web Services, Dell Technologies, Google, Hewlett Packard Enterprise, IBM, Microsoft, Oracle, SAP, SAS, and Teradata are among the key players operating in the Big Data as a Service (BDaaS) market.
In November 2022: Accenture—a leading global professional services company—acquired ALBERT Inc., a data science company in Japan, aiming to strengthen its data and AI capabilities. Accenture is focused on helping Japanese companies reinvent enterprise data with artificial intelligence (AI). With this acquisition, ALBERT will join Accenture's Applied Intelligence platform, providing AI and data-led transformation solutions & services.
In March 2022: IBM, in collaboration with Flexera—an IT management software company—launched new AIOps solutions designed to automate software license compliance. IBM and Flexera aim to help businesses visualize their IT estate from on-premises to SaaS to cloud and further automate the manual tasks of software license and resource optimization. IBM is extending its AI-powered automation strategy to help enterprises simplify IT asset management across hybrid and multi-cloud environments.
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Big Data as a Service (BDaaS) Market: Industry Vertical Overview
Based on industry vertical, the Big Data as a Service (BDaaS) market is segmented into BFSI, IT & telecom, healthcare, manufacturing, media & entertainment, and others. The BFSI segment accounted for the largest share of the Big Data as a Service (BDaaS) market in 2021. Big data is rapidly becoming the key driver in the financial services industry, as there is a massive circulation of data in terms of transactions, customer accounts, vendors, and others. Fraud is one of the major challenges faced by the BFSI industry; therefore, demand for BDaaS solutions and services are increasingly adopted in the BFSI industry. Fraud identification and risk management solutions are largely deployed to maintain customer trust, increase credibility, and drive revenue growth. These factors accelerate the Big Data as a Service (BDaaS) market growth in the BFSI industry.
Big Data as a Service (BDaaS) Market: COVID-19 Overview
With driving companies switching to advanced data management solutions, the COVID-19 pandemic accelerated the growth of the Big Data as a Service (BDaaS) market. In the healthcare sector, there was an immediate requirement to store large amounts of data using different data storage technologies. The data was further researched to developed measures to contain the spread of the virus. Therefore, big data technology has been widely used to store a large amount of patient data and has helped with a massive amount of information from scientists, health workers, and epidemiologists to make informed decisions to overcome the pandemic situation. Also, the remote and hybrid work model across several industries was rapidly growing due to tremendous investment in digital transformation, which accelerated the adoption of BDaaS solutions that deliver an advanced analysis of large data sets, generally through a cloud-based network.
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Global Big Data as a Service (BDaaS) Market – Regional Overview:
The Big Data as a Service (BDaaS) market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America dominated the Big Data as a Service (BDaaS) market in 2021 and is expected to continue its dominance during the forecast period. The market in the region is further segmented into the US, Canada, and Mexico. North America is the largest market for Big Data as a Service (BDaaS), as there is a higher adoption of BDaaS solutions across various industrial segments. The early adoption of cloud-based deployment services is further influencing the adoption of big data analysis services among businesses to re-structure business functions and strategies. Due to technological advancements and rapid digitization across industries, a huge amount of unstructured data is generated in the region, accelerating the Big Data as a Service (BDaaS) market growth.
Europe is another lucrative market for Big Data as a Service (BDaaS), as there is an increased application of BDaaS in the IT & telecommunication sectors. The surge in deployments of advanced big data technologies boosts the adoption of BDaaS solutions in this region. Asia Pacific is expected to grow significantly in the Big Data as a Service (BDaaS) market during the forecast period due to increasing government initiative toward technology adoption and a surge in demand for cloud-based services across businesses.
In the Middle East, with the rising demand for connected devices, big data technologies are increasingly adopted in various industries, such as banking, insurance, retail, and healthcare. In April 2022, Dataiku, the all-in-one data science and machine-learning platform, conducted a study and revealed that 71% of respondents from the UAE have been utilizing sales target data, and an equal number expect to use even more data in the coming five years. Telecom operators are using customer data to analyze network quality of service, enhance revenue assurance and fraud management, and develop new insights into customer usage patterns. Banks are using customer data to understand their preferences in products and services and monitor their real-time behavior. As a result, the demand for Big Data as a Service (BDaaS) solutions and services is anticipated to grow significantly in the Middle East.
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